Posted by jasonrei on September 15, 2004 at 12:05:07:
Well, right now I have an agent selling all my houses. When the agent finds a buyer, they get them qualified thru a local lender that only has a 3 month seasoning requirement.
When I sold houses FSBO or with the help of buyer’s agents, I told them up front that I’d only owned the house X months, and that many lenders wouldn’t do that kind of deal. Many submitted offers anyway, I’d call the underwriter, and sure enough the deal would be no-go. I’d do this before accepting any offer. That’s one of the reasons I stopped listing my houses on MLS. 65-85% of the prospective buyers had lenders with stiff seasoning requirements, and it wasn’t worth following up with 5-6 underwriters per house. I have too many houses on the market to be doing that kind of work.
I really don’t even work with buyers directly anymore. It just takes too much of my time, unless they have CASH which, surprisingly, many do! Anyway, I do have a couple of loan officers that I would direct prospects to. If my real estate agent were to kick the bucket tomorrow, I have to have a Plan B, right?